§ 6.1-225.27. (Repealed effective October 1, 2010) Voluntary merger.
A. A credit union organized under this chapter may merge, with the approvalof the Commission, with one or more other credit unions, state or federal. Inany case in which the surviving credit union will be a Virginiastate-chartered credit union, a merger application, accompanied by anapplication fee of $300, shall be filed with the Commission. The Commissionshall approve the application if the Commission finds that:
1. The field of membership of the credit union which is proposed to resultfrom the merger satisfies the requirements of § 6.1-225.23 B;
2. The plan of merger will promote the best interests of the members of thecredit unions; and
3. The members of the merging credit unions have approved the plan of mergerin accordance with applicable laws and regulations. Notwithstandingsubsection D of § 13.1-895, the members of a Virginia credit union mayauthorize a plan of merger by vote of at least a majority of all votes castthereon at an annual or special meeting at which a quorum is present.Notwithstanding the terms of § 13.1-895, in a merger where a Virginiastate-chartered credit union will be the resulting credit union, the adoptionof the plan of merger by the board of directors of that credit union shall besufficient approval of the plan, and approval of the plan of merger by themembers of that credit union shall not be required. Notice of the meeting maybe given in a manner prescribed in the articles of incorporation or bylaws,notwithstanding the terms of § 13.1-842 relating to the manner of notice. Afederal credit union merging with a state credit union may give notice to itsmembers as prescribed by federal regulation.
B. 1. If the Commission finds that the requirements of subsection A have beenmet and all required fees have been paid, it shall approve the merger andissue a certificate of merger, which shall be admitted to record in itsoffice and in the office for the recording of deeds in the city or county inwhich the registered office of each credit union is located. However, no suchfurther recordation shall be required in the City of Richmond, County ofChesterfield or the County of Henrico.
2. Upon the issuance of the certificate of merger the provisions of §13.1-897, mutatis mutandis, shall become effective.
C. For the purposes of this section, a member entitled to vote may vote inperson or, unless the articles of incorporation or bylaws otherwise provide,by proxy. A member may appoint a proxy to vote or otherwise act for him bysigning an appointment form. An appointment of a proxy becomes effective whenreceived by the secretary or other officer or agent authorized to tabulatevotes. An appointment is valid for eleven months unless a different period isexpressly provided in the appointment form or the appointment is revoked bythe member.
(1980, c. 182, § 6.1-200.3; 1983, c. 465; 1988, c. 152; 1990, c. 373; 1999,c. 63; 2007, c. 925.)
§ 6.1-225.27. (Repealed effective October 1, 2010) Voluntary merger.
A. A credit union organized under this chapter may merge, with the approvalof the Commission, with one or more other credit unions, state or federal. Inany case in which the surviving credit union will be a Virginiastate-chartered credit union, a merger application, accompanied by anapplication fee of $300, shall be filed with the Commission. The Commissionshall approve the application if the Commission finds that:
1. The field of membership of the credit union which is proposed to resultfrom the merger satisfies the requirements of § 6.1-225.23 B;
2. The plan of merger will promote the best interests of the members of thecredit unions; and
3. The members of the merging credit unions have approved the plan of mergerin accordance with applicable laws and regulations. Notwithstandingsubsection D of § 13.1-895, the members of a Virginia credit union mayauthorize a plan of merger by vote of at least a majority of all votes castthereon at an annual or special meeting at which a quorum is present.Notwithstanding the terms of § 13.1-895, in a merger where a Virginiastate-chartered credit union will be the resulting credit union, the adoptionof the plan of merger by the board of directors of that credit union shall besufficient approval of the plan, and approval of the plan of merger by themembers of that credit union shall not be required. Notice of the meeting maybe given in a manner prescribed in the articles of incorporation or bylaws,notwithstanding the terms of § 13.1-842 relating to the manner of notice. Afederal credit union merging with a state credit union may give notice to itsmembers as prescribed by federal regulation.
B. 1. If the Commission finds that the requirements of subsection A have beenmet and all required fees have been paid, it shall approve the merger andissue a certificate of merger, which shall be admitted to record in itsoffice and in the office for the recording of deeds in the city or county inwhich the registered office of each credit union is located. However, no suchfurther recordation shall be required in the City of Richmond, County ofChesterfield or the County of Henrico.
2. Upon the issuance of the certificate of merger the provisions of §13.1-897, mutatis mutandis, shall become effective.
C. For the purposes of this section, a member entitled to vote may vote inperson or, unless the articles of incorporation or bylaws otherwise provide,by proxy. A member may appoint a proxy to vote or otherwise act for him bysigning an appointment form. An appointment of a proxy becomes effective whenreceived by the secretary or other officer or agent authorized to tabulatevotes. An appointment is valid for eleven months unless a different period isexpressly provided in the appointment form or the appointment is revoked bythe member.
(1980, c. 182, § 6.1-200.3; 1983, c. 465; 1988, c. 152; 1990, c. 373; 1999,c. 63; 2007, c. 925.)
§ 6.1-225.27. (Repealed effective October 1, 2010) Voluntary merger.
A. A credit union organized under this chapter may merge, with the approvalof the Commission, with one or more other credit unions, state or federal. Inany case in which the surviving credit union will be a Virginiastate-chartered credit union, a merger application, accompanied by anapplication fee of $300, shall be filed with the Commission. The Commissionshall approve the application if the Commission finds that:
1. The field of membership of the credit union which is proposed to resultfrom the merger satisfies the requirements of § 6.1-225.23 B;
2. The plan of merger will promote the best interests of the members of thecredit unions; and
3. The members of the merging credit unions have approved the plan of mergerin accordance with applicable laws and regulations. Notwithstandingsubsection D of § 13.1-895, the members of a Virginia credit union mayauthorize a plan of merger by vote of at least a majority of all votes castthereon at an annual or special meeting at which a quorum is present.Notwithstanding the terms of § 13.1-895, in a merger where a Virginiastate-chartered credit union will be the resulting credit union, the adoptionof the plan of merger by the board of directors of that credit union shall besufficient approval of the plan, and approval of the plan of merger by themembers of that credit union shall not be required. Notice of the meeting maybe given in a manner prescribed in the articles of incorporation or bylaws,notwithstanding the terms of § 13.1-842 relating to the manner of notice. Afederal credit union merging with a state credit union may give notice to itsmembers as prescribed by federal regulation.
B. 1. If the Commission finds that the requirements of subsection A have beenmet and all required fees have been paid, it shall approve the merger andissue a certificate of merger, which shall be admitted to record in itsoffice and in the office for the recording of deeds in the city or county inwhich the registered office of each credit union is located. However, no suchfurther recordation shall be required in the City of Richmond, County ofChesterfield or the County of Henrico.
2. Upon the issuance of the certificate of merger the provisions of §13.1-897, mutatis mutandis, shall become effective.
C. For the purposes of this section, a member entitled to vote may vote inperson or, unless the articles of incorporation or bylaws otherwise provide,by proxy. A member may appoint a proxy to vote or otherwise act for him bysigning an appointment form. An appointment of a proxy becomes effective whenreceived by the secretary or other officer or agent authorized to tabulatevotes. An appointment is valid for eleven months unless a different period isexpressly provided in the appointment form or the appointment is revoked bythe member.
(1980, c. 182, § 6.1-200.3; 1983, c. 465; 1988, c. 152; 1990, c. 373; 1999,c. 63; 2007, c. 925.)
